ashley: shake hands an smile. stuart: see the handshake, smile, beaming smiles, kumbayah is sung in china, then you know you're okay. time's up. david asman in for neil. it is yours. >> i'm surprised you were in favor of wet tax in new jersey. i rather hear you talk about that than t-shirts david: i'm david asman in for neil cavuto this is cavuto "coast to coast." in the past ten minutes the dow slipped significantly, now triple digits. the u.s. budget deficit widened

77% in in the first four monthsf the fiscal year. "wall street journal" executive washington editor jerry seib, and kaitlin owens on what the impact the economy might have in 2020 on president trump's re-election chances. good to see you both. thank you for being here. jerry, let's you and i start. you know how stats are used and misused by all kind of folks but it is how people feel that is really important. according to fox news polls, people are feeling good not only about their own personal position but president trump's ability to deal with the economy. right? >> no doubt about that. the economy is strong. we asked in our "wall street journal/nbc news" poll, last week do you think recession in the next 12 months? only 1/3 of people, lowest since 2000 said yeah, i think so. but, david, there is underlying insecurity still. this is the story of last

several years when the economy looks good. we asked the people, next year for you personally, not the economy, you personally of your family time of expansion or time to hold back because you think harder times are ahead? almost 60% said hold back, because harder times are ahead. even admits good times, which are clearly a good political signal for president trump, there is underlying insecurity. after all, we're talking here in early 2019, 2020, by economic and political terms is a lifetime away. david: kaitlin, there is hope. on this ash wednesday we focus on hope dealing with the future. when people have hope, they tend to be more optimistic about things. one thing the "fox news poll" showed 78% of americans say they have achieved the american dream or can see it. they're on their way to it, they think they will get it. that's very hopeful. >> it is, david, but i agree with everything that has been said so far. we're living in interesting times where the economy and how it its performing is only one

measure how people feel about the economy, how people feel about the finances can be all over the place and also economic satisfaction with the economy doesn't necessarily translate into people being happy or not angry, or even supporting party in office. we saw this last november with the 2018 elections, where democrats took over the house. just because the economy is doing well doesn't mean republicans are out in the clear. david: jerry, no matter what you feel about the economy, or what you feel about donald trump for that matter you know he is from the business world. we just saw a businessman drop out of the race for the democrat party yesterday, mr. bloomberg, former mayor of new york city. you don't have a lot of business people in the lineup for the democratic party. i think that, that might be of a concern to voters looking to 2020 where they feel that a guy from the business world has more sense dealing with the economy

than somebody from academ or pure politics. >> you have to figure the howard schultz factor. david: that's true. >> michael bloomberg might have been the big business name in the primary field. he is gone. there remains somewhere out there, running as an independent, big business figure howard schultz, who is there a lot of democrats think to take away folks in the democrat party who think a business leader would be a good candidate in 2020. donald trump showed viability of that sort of a candidate in 2016. i think democrats have a lot of soul searching to do on many fronts. the first one is, what is their idealogical position. the second, do they want to project a moderate candidate on to the ballot or someone who seems more idealogical? that is the great choice democrats face. david: kaitlin, our own charlie gasparino says one of reasons bloomberg pulled out because he was going to throw his support behind biden. biden is certainly more moderate

than most of the democrats these days but at the same time he is not a businessman. he has been a politician his entire professional life. is that, again, the charge could be made by the trump camp, here is just another politician? >> if biden is the nominee, we'll see that from president trump. he is a businessman. he had success es. biten has been in the political arena. trump ran against the swamp. a strong case to be made biden is part of the swamp for decades. on other hand people like joe biden. they liked him as vice president. he has great ratings. "axios" reported that the candidate trump fears most worry about because they have strongest chance of losing to joe biden against other candidates, like the idealogical further left ones. david: jerry, that the guy the trump camp is focusing attention

on, training all of their experts to fight against in 2020? >> i do agree they worry about him more than the others. i think they worry about amy klobuchar who is a woman, moderate from the upper midwest, industrial upper midwest. that is good profile i think for democrats in 2020. it takes the party to some praises where donald trump was strongest in 2016. so i think they probably worry more about somebody who is in the moderate center as an opponent, whatever name you attach to that. than somebody who likes like more idealogical coastal liberal. that is lot easier target for donald trump personally to tee off on. david: jerry, one reason we don't have to worry, we're close to baseball season. >> yes. thank you so much, although 25, 30 degrees here. david: jerry seib pretends to be a political expert. his heart is in baseball. >> sports writer at heart. david: thanks, guys. good to see you both. with michael bloomberg ruling out a 2020 bid is there a path

for a centrist on the left? advisor to michael bloomberg, fox news contributor, doug schoen, i don't know a lot of people in the bloomberg universe. >> you do know me. david: i do know you. you were right in the center there. why did he pull out? >> he had a statement yesterday where he said candidly he wasn't sure he could win a democratic primary given the left ward drift of the party. he felt, i believe he would have been a very good general election candidate, but he made more substantive point, politics is such all pervasive thing, he felt on issues he cared about, climate and guns he could get more done as a non-candidate than he could running. david: will he focus, and he has a lot of money to focus on, will he put his money where his mouth is on issues or with a particular candidate? >> i think on issues certainly. david: more like steyer than anything else? >> no, i don't think he will be like steyer. he is not talking impeachment

which has been steyer's focus. david: steyer focuses on issues mostly, rather than candidates. >> i guess i would say steyer is avowedly political. mike's statement indicated he was going to focus on problems exclusively and deal with the potential issue of supporting a candidate in 2020 down the road. david: of course what i'm leading to as you know whether or not he will throw his support behind biden? >> i think reading the statement, having spoken to him at this point he really is going to do what he said. he is not a man of you know guile or political games. he said his focus was on issues. he is going to stick with that and i have no sense that he is going to make an endorsement anytime soon. >> by the way, where do you go? doug, you and i talked in the past about your concerns with very strong take to the left of the democratic party. where will you go? >> i will probably spend more time here if fox will have me. candidly i'm a man without a

party. i'm not a republican as you know but i'm not supporter of aoc and folks around her, certainly representative omar to me, what she said about israel and jews is anathema. i'm like a man without a party. david: howard schultz felt like a man without a party. he decided to run without a party. might you go in that direction? >> i doubt i will do that because i thought schultz missed a great opportunity to position himself is in the middle. he basically announced he was a moderate democrat running as an independent and that is not what i think independents need or have to do. david: do democrats have time before the election to tack more to the center? they have painted themselves into such a far left corner, is there enough time to paint themselves as moderates? >> you know, in most of my career the answer was yes, sure. now with green new deal, jobs for all, 15-dollar minimum wage,

"medicare for all" -- david: salaries for all. >> salaries for all, i think it will be very, very difficult, david, for the party to come back particularly if they nominate somebody like bernie sanders. perhaps kamala harris, beto o'rourke. i worry about that, and worry a great deal. david: doug schoen, i'm glad, we'll see more of you. >> you will. david: good stuff, thank you, doug. new plans to limit how much bankers get paid. why some on wall street say it is better this happens now instead of later. ge's stock is tumbling again today. remember yesterday it was down 6% in this hour? now down close to 7%. this as an analyst says the stock may not even be worth the current price or even a dollar price target. we'll dig into all the top stories today on "bulls & bears." that is the show i host. 5:00 p.m. eastern here on fbn. we'll see you then.

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david: bankers bonuses may be to get small ir. bankers are reconsidering limits on wall street pay. where does it all end? susan li with the latest. >> hi, there, we're talking about big banker pay once again. and last year, 2018 was a banner year for big banker payouts. that includes $31 million for jamie dimon at jpmorgan. first time a bank executive had his compensation cross $30 million as the global financial crisis that caught a lot of attention. as you can see everyone got paid a lot, including a 7% pay jump in 2018. so yes, once again here we are, revisiting the caps on wall street pay. especially as we have a lot of democrats running in the 2020

primary have their eye on wall street and how much they're being paid. they want to cap amount of compensation and bonuses deferred. they want it to be deferred. they don't want short term-risk-taking resulting in global financial crisis of 2008 which brought wall street to its knees. a lot of of course federal money goes into rescue wall street as well. the worst financial crisis, the worst recession we've seen since the great depression. so we don't want to revisit that. we have three agencies in the discussions at this point, that is the occ also the fed and fdic. we got a statement from the federal reserve they say their mission is not done. they intend to see it through at this point. that does include possibly capping banker pay. you know 2017 was a record payout for all bankers on wall street. and we are looking at maybe deferment of half of the executive pay, at least bonuses. they want a clawback period of seven years.

deferment they want four years as well. rhetoric coming out of elizabeth warren or bernie sanders who wants to break up big banks has wall street shaking at this point. david: interesting jamie dimon makes as much as bryce harper. there are not many calls to limit sports figures maximum salary. >> and length i'm sure. david: vice president mike pence is about to address the crisis in venezuela. we'll be monitoring that. we'll bring you any details that come from it. meanwhile legendary economist tom sowell if you were warning yesterday warned about the dangers of socialism. listen. >> i do have a great fear that in the long run we may, we may not make it. and i hate to say that but, and one thing that keeps me from being despairing is of course we don't know. there are some things we can't possibly know. so we may make it. but i wouldn't, i wouldn't bet on it. david: center for freedom

prosperity cofounder dan mitchell says socialism has unparalleled track record of failure. dan, i can't argue with that. i don't think many people could except those who are socialists themselves, on other hand, what happens here? when tom sowell speaks i listen. i've been listening to tom sowell for 30 some years. he is one of the smartest economist i ever met. he is really fearful it may take hold here. what do you think? >> two things. first, let's define socialism. technically it is government ownership of the means of production. that is obviously terrible. you find that in cuba, venezuela, north korea. but a lot of people nowadays, alexandria ocasio-cortez, bernie sanders, they define socialism just as a giant, ever-growing welfare state. but regardless which way you define it, especially when you factor in demographic changes, fewer children, living longer, the long-run fiscal consequences

thomas sowell is right. we are heading towards the most predictable disaster in human history. it is happening because politicians and some voters think it is perfectly fine to live today at the expense of tomorrow. david: how long do you think it will take, dan, for that to happen? >> look what already happened in greece. as miserable as greece, their experience was, imagine how much worse it would have been without bailout money coming from the european central bank, the imf, et cetera, et cetera. once the fiscal crisis hits italy, japan, france, sooner or later the united states, we're all on the same trajectory there is no bailout entity big enough to bail us out. then you're looking at as thomas sowell said, really horrific scenarios what happens. fiscal version of "hunger games" or something like that. david: but there is no other country in the world whose constitution, first of all is as long as ours been around, well

over 220 years and it is, it is really rooted in the idea of private property. socialism is rooted in the idea of taking away private property, having government being a means of production. doesn't it, doesn't it, if we up root the economic system of free-market capitalism for socialism, doesn't that also up root what america is and doesn't that mean a totally different country? >> i'm afraid we sort of lost that fight beginning in the 1930s. it used to be that supreme court justices respected the enumerated powers clause of the constitution that put very firm limits on what the central government was allowed to do. but once roosevelt put his people on the court, now everything that the federal government does, even obamacare has been ruled constitutional. david: we're dealing with right now politically is of a different order. i mean people who openly call themselves socialists, who the democratic party openly endorsing some of their primary

cornerstone policies like alexandria ocasio-cortez's green deal, i mean this is, this is a real commitment to socialism that we've never seen done so publicly in the political sphere? >> there is no question that the left is much more aggressive now. in effect, the way i think about this is, we were driving in the wrong direction at 45 miles an hour. every so often would have someone like reagan who would tap the brakes and like george herbert walker bush, would step on the gas pedal to make government bigger. we want people want to go in the wrong direction at 100 miles an hour. they're saying we're not happy turning america into sweden and denmark, with modest big government. they want to become greece. if you go after that, you become venezuela. i really am worried. bring the conversation back to what thomas sowell said, how can you be optimistic? david: as you have said, i'm always hopeful that freedom will win out in the end particularly

because as you said, as tom sowell said the effects are inevitable. every time it has been tried the effects are disasterous and venezuela, you mentioned it now is a perfect living example what happens. they have now doubled their million percent inflation. they now have 2 million percent inflation in venezuela. now i have covered various regions of the world, mostly emerging markets, south america, eastern europe, et cetera, no government in the history of man has survived 2 million% inflation. so maduro is just inevitably going to collapse soon, is he not? >> you would have to think so but i would have thought he was on the way out a couple years ago. now, you're right, sooner or later, the military, the cuban security services propping them up, even they won't be able to keep him in office. your broader point is right. entire world is a laboratory. bigger government has never worked. but here is the challenge, what happens when you teach people

you can live off of other people using government -- david: hyperinflation kills every government that had to deal with it. if you keep printing money like alexandria ocasio-cortez wants to pay for perhaps, you end up with million percent inflation. >> monetary theory like crack cocaine. thank you, david. david: new york fed president john williams says slower u.s. growth is quote, new normal. what else he is saying about the economy still ahead.

♪ david: talks with the eu get underway today as auto tariffs are looming. fbn's edward lawrence with the very latest on this. hi, edward. reporter: david, the focus changes here at the u.s. trade representative's office to the european union. the european trade commissioner will be here for talks to try to jump-start getting towards a deal. u.s. trade representative robert

lighthizer very disappointed saying they're at a stalemate with the european union because they will not put agriculture on the table. european union wants to piecemeal agreements. one for manufacturing. one for intellectual property. one for autos. the u.s. would like to put all of them together. the commissioner coming here says that she expects the u.s. to honor an agreement that president donald trump made he would not increase or impose auto tariffs coming into the united states as long as talks with the eu are still going on. some in the administration are frustrated with the fact that the eu seems to be dragging their feet on this. those talks trying to kick-start today. in other trade news our deficit with china hit all-time high. the trade deficit in 2018 at all-time high you see at $419 billion, in part because of the strong dollar. also because companies were buying more ahead of what they thought would be an increase in tariffs on $200 billion worth of chinese goods from 10% to 25%. as we know that tariff was held

off. the president indefinitely holding off the increase to 25%. we're still at 10% tariffs. but the deficit with china, or with the world now if you look is the largest since 2018. david? david: edward, thank you very much. meanwhile new york fed president john williams just saying now that slower u.s. growth is quote a new normal. raymond james chief strategist jeff saut. thanks for being here. in fairness he said that shouldn't be acause for alarm. i'm quoting, with strong labor market, and no signs of inflationary pressures, the baseline outlook is quite favorable. saying slower growth but that is not necessarily a bad thing. >> i agree with that. slow growth along two, 2 1/2 percent earnings coming in better than expected they have been doing for the past two

years. since we transitioned from interest rate secular bull market to earnings secular bull market. i this we're have upside consolidation after heck of a rally after the biggest selling climax in late december strongest i've seen in 48 years in this business. david: i know it was incredible but not that strong. the dow is down 137 right now. expectations were built so high by president trump and the economic team of 3% or greater will those expectations continue to drag down the market? >> i don't think so. i think that the excesses, overbought conditions and a number of other finger to wallet indicators that got way overbought at the end of january, beginning of february, have basically pulled back to neutral. they may pull back a little bit more but i think, you know, if the market can close, the s&p can close above 2790, i think we'll take another stab at 2800

to 2830 overhead resistance. i think eventually we will rally to new highs. >> the trade barriers, we still have them. they may be lifted. we hope for the best with trade talks with china. we hope for them to change. would be a better environment if tariffs were lifted. how badly are the trade barriers hurting growth? is what we're seeing now the slowdown in growth, because of the trade barriers that have been erectorred over the past year or so? >> i think on a short-term basis the market is paying attention to that. the fact of the matter is we have 55 billion in tariffs on chinese goods. that is against a total goods trade be relationship with china of roughly $530 billion. so it is around 10% of the total goods trading relationship. that is why the market in intermediate term is not paying a whole lot of attention. if that escalates then you have to reappraise it but right now it is not that big of a deal. david: jeff, to what extent are

trade concerns being used as an excuse by some governments, particularly in europe who continue to have very high tax bearers, very high regulatory barriers, they have their own problems with putting up resistance to growth, don't they? >> yeah, i don't disagree with that. i'm not really invested in the international markets. that is not true. i own some mutual funds that play to marriage marriages and frontier markets but in -- emerging markets. in europe i don't think they have too many problems, but what hit us was a trifecta of bad news. we had problems with the chinese trade talks were going well. then they weren't going so well. forecast of slower gdp growth. reduced earnings expectations. i think that stalled the market in 2800, 2815 zone. david: finally, jeff, great britain, our good partner for many things, brexit is causing a lot of fear. is that fear justified?

>> probably is in the uk but i don't think it is that impactful for the u.s. so i'm not all that worried about brexit. david: good news. jeff saut, great to see you, jeff. thank you very much. >> you bet. david: north korea is reportedly rebuilding a missile launch site. what the white house is saying about that right after this. i've always been amazed by what's next. and still going for my best, even though i live with a higher risk of stroke due to afib not caused by a heart valve problem. so if there's a better treatment than warfarin... i want that too. eliquis. eliquis is proven to reduce stroke risk better than warfarin. plus has significantly less major bleeding than warfarin.

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♪ >> if they're not willing to do it then i think president trump has been very clear, they're not going to get relief from the crushing economic sanctions that have been imposed on them. we'll look at ramping those sanctions up in fact. david: john pole ton warning that north korea could face more sanctions as the north korean missiles launch site reportedly being built back up again. to former presidential envoy to iraq, ambassador paul bremer on this situation. ambassador, good to see you. north korea is clearly feeling

its oats. i'm just wondering if china is behind it all? it is hard to think of north korea doing something that could jeopardize everything that the president and kim have been working towards for the past year-and-a-half without china being at least notified, don't you think? >> well i'm not so sure about that. i think it is possible that the chinese are rather uneasy with this second failure of a summit between the two countries. what the chinese have to worry about is, is if, if it becomes clear to some of our allies in the region, i'm thinking here particularly of japan, and also, although not technically an ally, taiwan, if some of those countries were to decide that our nuclear umbrella was no longer credible over the korean peninsula, they may be tempted to get their own nuclear weapons. there is a real risk, i think, and i think the cancellation of

these exercises in south korea was a serious mistake on our part for just that reason. david: well we still have the ability though, to apply maximum, pressure, do we not, do change north korea's attitude? >> yes, but that doesn't seem to have worked. i mean there is a place in diplomacy for flattery and we've certainly used that with the north koreans. but in the end a statesman is judged by results and we have had two summits which were not very well-prepared on our side where we have not made any progress towards getting a program in place to achieve the agreed goal of denuclearization of the korean peninsula. i think it is an unsettling situation at the moment. david: well, that is why i think the chinese are somehow involved. first of all, if they're cutting ties, if kim is cutting ties with trump, which have been developed very carefully over the past year-and-a-half, it

hasn't been all just spontaneous, and he is going against the wishes of china terms of rebuilding his missile sites, who does he have? he is on his own and that is a dangerous place to be if you're in the position he is on the chinese continent? >> i agree with you. i think chinese, they can make the same analysis you just made and it is not very comfortable one for the chinese either if you think about it. david: what do the chinese do? if they're unhappy with a situation of kim, their maximum pressure could be a lot more effective against kim than ours? >> that is absolutely right. the chinese basically looked the other way for the first year, year-and-a-half, letting goods go across their border with north korea, apparently really unconstrained. so there is an opportunity here. it is interesting that the american, chinese trade discussions are at rather important point right now too. there is a possibility for a serious quiet discussion with

the chinese about our mutual concerns, about what is happening in north korea. david: well, and again, the idea of killing two birds with one stone, that is what this is about for a long time, whether you can use the negotiations, the trade negotiations to either subtly or directly affect what is happening with north korea. do you think that is being done now? >> i honestly don't know. i have always thought the important thing to do in our relations with china was to embed the talks about trade and other things in a broader strategic discussion with the chinese about whether we can find a way, the two of us, two of our countries, to have a security situation where both at least moderately are comfortable with in asia. david: yeah. >> that is the question. it has to be embredded in a broader strategic framework, these trade talks. david: ambassador, very quickly, i want to bring it back to our hemisphere in venezuela. as you know they have two million percent inflation now which sun imaginable in

venezuela. i can't see the maduro regime, as i said before there has never been a government in my entire life that survived hyperinflation they are having there so i don't think maduro will last. there is question to what happens when maduro goes and one of the keys is the oil industry, their natural wealth. in iraq you had a similar situation when you were the ambassador there, the decision was not made to privatize the iraqi oil even though people like milton friedman said, use alaskan model, divide it up into a piece for every iraqi citizen that would give them piece of ownership. should the same be done in venezuela given your experience in iraq. >> these are really, monocultural countries, which is one major resource which was the case in iraq. it has to be done in a way that was politically stable.

we did not take that step in iraq, it was our view that iraqi people through their elected government should make the decision. you have to have the situation after maduro where the venezuela people agree to do something like the alaskan model. we gave the iraqkys a white paper an this saying this is a good model. david: they thought that would solve a lot of problems. i understand they're planning to do that in venezuela. we'll see what happens if guaido does get in power. been a long time. nice to see you. >> nice to see you, david. david: there is new legislation in france sparking fears in silicon valley. based on what's trending or an investing goal. it's real-time insights and information,

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david: italy launching a new program guaranteeing all residents a basic income. does that sound familiar? fox news's amy kellogg in milan, italy with details. hi, amy. reporter: post offices where people are signing up for this expected to have a real onslaught. in fact they only got 30,000 applicants for the new scheme. with high unemployment here, 10%, much more for that for

young people in the south plus poverty growing, fairly inflexible job market, we believe that there will be as many as 3 1/2 million italians who will be qualifying for this program. what it does, guaranties basically minimum income of $882 a month. you get topped up to that level if you have a job that doesn't pay that much, or you get the whole amount if you are unemployed. you are get attached if you are an italian resident in this plan. this is navigator, someone called a navigator that helps to you find a job, which you are allowed to reject at least twice. >> our concern is about the fact that it could be disincentive for people to look for a new job, because of the fact that you receive quite significant

amount of money. reporter: third time you reject such a job from the knave gait tore you would be out of the program. david: not to mention the cost, $24 billion for those who can sign up to this. amy, great to see you. thank you very much. well, france is levying a new tax on tech giants. kristina partsinevelos with that. >> they are calling it the tax for justice. it is specifically for digital tech companies like, even to the tune of airbnb, uber, lumped in the mix. what france is saying right now these companies have avoided paying taxes. they have the lower tax base in and operations in lower taxed states. the french believe they are avoiding to pay taxes. the french say these companies need to have global revenue of a little bit over $848 million. they need to make at least 28 million in france alone.

france is saying that if they do this, they put forth this tax, still needs to be approved by parliament, they would be earning in revenue $565 million per year. they say that that number can go up very quickly and it could also help protect start-up soaring organizations within france. this is about justice because they say the corporations are not paying their fair share in taxes and needs to be approved. the next steps, david, you alluded to this before the break. you said this could be onslaught of new taxes this. is taxes that could occur in other european countries, not just france alone. france is the first one to go forward. they tried to do it at e.u. level. they got turned down by ireland, sweden, to name a few. the uk is looking at it is own version. italy is looking at its own digital tax. this plays to politics with macron. we know france is more socialist

leaning country as well. david: the term, justice, fits with the french. they're looking at honey pot of all the cash the tech companies have. they just can't keep their hands out of it. >> tax american wealthy companies. it works for voters in france. david: right. kristina, thank you very much. so is this just the beginning for new taxes on tech companies? fox news contributor scott martin joins us now. scott, one thing probably a the let of people don't realize you're a franco-phile, justice, i think the guillotine. how far is this thing going? >> i lived in france in 1985 for many months. to your point with kristina there, the mere tech company existence is the -- meaning for these overseas governments, meaning the reason they're even

there, david, to hit him up for money. hit up the very successful tech companies making, yes, tens of billions of dollars every quarter in revenues. therefore making money in europe and in france especially. therefore those reasons that they're there, or reasons that these tech companies exist is for governments to soak them with more tax. david: but you know the one thing that governments just do over and over and over again implement the taxes. they come out with the great expectations of all the revenue they are going to get without any clue how that will affect business behavior. a tax, particularly a big tax i think this will become, because it is not only france i think they will do it in other countries such as belgium, germany, et cetera, it will grow clearly as kristina was saying they never think how it affects of incentives of businesses to stay in the country or move out. they have the freedom to leave that country if they want. that will eliminate jobs, eliminate as lot of start-up

companies, et cetera. >> sure, it hurts everybody. there is a lot of stuff there. one, it is not like the companies are doing anything wrong. the way the eu was set up the companies took advantage of the tax policy, the tax situation that was set up by the organization eu when they came together. so it is not like the companies did anything wrong there. also, david, you know, if you look how these companies exist, and i like how kristina used the word justice, the whole thing about the french finance minister this is about justice for the peel of france and for the country of france. what for? because these companies are using data that you voluntarily give to them, that they resell and remarket and help you fine things that you might be looking for? you're going on facebook, you're going on google, you're using amazon because you like their services as far as i'm concerned. that is what i use them for. if they're delivering you those services i don't see how there is justice by taxing them more for doing it.

david: let's face it, the focus on high-tech, because this is the biggest honey pot there is, this is the same anti-business attitudes you have from governments in europe no matter what business it is, right? >> yeah it is and becoming more so. that is becoming more and more the rhetoric these days, businesses are bad. back to the days of you didn't build that, mr. and mrs. businessman. the government did that for you type of thing that we heard many, many years ago from a previous president. it is just rhetoric out there now talking to especially the younger voters saying businesses are not going to help you. capitalism is not going to help you. what is going to help you your dear, loving government knows how to take care of your life and take care of you, take money from people successful creating jobs and growth and giving it to places that are obviously inefficient. david: there is a backlash, as much as i love tom sowell who thinks america will slip into socialism at some point, that will really mess things up, but i think, i'm hopeful that the

resistance against this is strong and that eventually, look at the brits, that is one of the reason they pulled out of eu because they didn't like that attitude. a lot of democrats are having second thoughts. scott martin, we promod, you will be on "bulls & bears" tonight at 5:00 p.m. eastern time. we're going to be happy to see you there. we always like talking to you, scott. >> adios. david: thanks, david. i didn't know what you said, that's fine. i'm sure it is french. coming up, charlie gasparino doesn't speak a word of french but has exclusive details on joe biden's potential 2020 run for the white house. ♪ hoo!

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david: welcome back to trends expert a flood of economic data today with the feds page book had 2:00 p.m. is there a president john williams at slower u.s. growth is now the new normal. in the meantime, edp's february

jobs report missed expectations in the u.s. posted its monthly trade gap since 2008 in december. the latest gallup poll showing 56% of americans approve of president trump's economic policies. at-large host gary baker on the risk i had to 2020. let's talk specifically about the political ramifications of their spirit as i said before, you can always find risks and problems within economic situation, but it's how people feel about themselves and their own financial concerns that import an election. i think they feel pretty good right now. >> there's no question. a few months ago we were all worried about a recession. the market sold off strongly. economist and 50% recession this year. 80% expecting her sessions. three months later we have a relatively weak first quarter. that will turn out to be. in 2018 -- were not going to get

out to get top-notch growth this year but it won't be bad. unemployment at a 50 year low. wages are rising strongly. the markets are back up your by the way, this has been going for 10 years in july. the longest expansion. david we are due for a recession. >> you normally see in this stage of the long expansion is inflationary pressure. overheating in some sectors like housing or credit markets or whatever. you don't see any of that. the economy is strong for the next year or so. trade to let me bring you back to december for a sec because it is interesting buddy charles and believes the media had a rolling kind of self perpetuating the doom and gloom scenario. it did become kind of a man for later publication "wall street journal" although you didn't fall into as much as others did suggest in this all fell in

donald trump and it was a terrible economy. recession is almost inevitable. were they just pursuing that because of their own political biases or what? >> when you look back on that comment is kind of hard to see exactly what was going on because the data come in the economic data remains very strong. jobs data come in manufacturing data investments okay. consumer confidence with good. what we got at the end of last year, and maybe there were some political bias, but the concern was about the outlook. when the fed was going to overdo it in they were raising rates steadily. david: donald trump says months before and he was criticized. >> jay follow the fed chairman says are going to be much more cautious. that helps. the other thing everybody was concerned about was the trade war and are we going to get into a full-blown trade war.

in the last two months and will wait and see what happens later this month. it does look as if the fear is going away, too. we had no evidence whatsoever in the data of any slowdown but we did have this fear, cause uncertainty over the economy. david: session lows right now we are trading. what you do you think is happening with the market? are they kind of fearful of what's happening politically or what? >> there is uncertainty about the trade, but i think we've seen a big run-up in markets in the last month or so because markets are expecting this trade deal. the president wants a deal. china wants a deal. it's not certain, but it looks pretty good. we'll get another extra leg up with that. there is uncertainty about the rest of the world. the united states is doing pretty well. very well. europe is weakening. china is weakening. japan is a very strong. there's obvious political

concerns india, pakistan, middle east. here's again this could undo the recovery, but it's -- the evidence is pretty weak. david: we just talked about the taxes. they still don't seem to understand, the europeans. outside that's one reason they got outside of the e.u. is they didn't like this attitude, but the euro still have this idea that there is no implication for businesses if you raise taxes as you want to regulate as you want. they still don't seem to have gotten them. >> europe has been stuck in kind of a very, very low groove if you like for a long, long time now. the financial crisis that the u.s. did 10 years ago. europe's growth has been about half of the united states. a lot of that has to do with an environment that is not particularly pro-business. taxes are relatively high. the banking system which the

u.s. did a good job in fixing is not fixed completely in europe and a lot of weakness and doubts about the structure. david: they're giving me a route that i have to ask you about the move towards socialism in the democratic party. i mention the polls before. by two to one, americans say they'd much rather move towards capitalism and socialism. americans don't like socialism. i do think this is? >> you're right, americans don't want socialism. but a solid minority of democrats, especially younger people. a majority of people between the ages of 18 and 25 supposedly identified as socialists. these people and then alexandria ocasio-cortez, and they are driving the democratic party in that direction. we will see what happens. my impression is the republicans are looking forward to running against the socialist party in 2020th that would 2020th outlet turns out. david: great to see you. "wall street journal" at-large.

you don't want to miss it. good to see you. michael bloomberg decided not to run in 2020 and hillary clinton gives mixed messages. real clear politics white house reporter phil wyman on if there is room in the race for a moderate. i've got alaska about hillary clinton. what's up with her? one day she's running in the next issue is not an inch is running again. what the latest? >> hillary clinton is looking at the same democratic field that all of us are. they could reach as many as three different candidates and there is strength in these numbers for the democrat and a lot of candidates to choose from, but also serious liabilities in those numbers insofar as democrats might not coalesce early on and now you have democrat sniping against each other all the way through the primary. but hillary clinton is looking at here is she sees an opportunity insofar as there might be a chance for restorative elder statesmen to step back in and clear the

field. but again, this is a lettuce peculation and the problem for democrats is when you speculate about hillary clinton jumping back into the 2020 race, that takes focus back to 2016, not on defeating president trump. david: 2016 or before that when she was running against two became president obama. while hillary might still jump in, bloomberg has jumped out. charlie gasparino has been gathering all sorts of intel as to why what happens next. the question is where he puts his money. $500 million he's willing to put into an effort to get rid of donald trump as president. how is he going to focus that money on issues, candidate, what? >> right now he's definitely focused on the issues. he was more interested in doing things than actually just talking. the larger question here that we can't miss is that you have bloomberg or just a couple years ago at the centrist guide who was the innovator of new york city would have been a fantastic

candidate. but you seem to feel chips so far that bernie sanders and company that you have candidates who are confronting this ideological landscape, which is very difficult for them. some like harris had gently disavowed while embracing a more social agenda but then bloomberg , he has stayed out of it altogether and at this point i don't think there's room for a third-party candidate. i don't think there's room for a moderate except for a third-party bid. david: bill, great to see you. now the bloomberg is out of the 2020 race, could we see him back question mark another candidate like joe biden. i guess doug schoen about this earlier. take a listen. >> what i'm reading too as he knows whether he will show on transfer was support behind biden. >> having spoken to him at this point, he's going to do what he said. he's not a man of guile or political gains. he said his focus was on issues.

he's going to stick with that and i have no sense it is going to make an endorsement anytime soon. david: according to charlie gasparino, joe biden may have enough support without bloomberg. you wrote a terrific piece what happened with bloomberg getting out and biden getting in. in this pc has deep regrets about not running in 2016. charlie: i speak with people on wall street. joe biden is known as little class joe. this piece on fox business.com, but he does have tremendous contacts. he was a senator from delaware. what's in delaware. decent business schools that's why businesses domicile there. he's got a lot of friends on wall street. this is reporting as does i would say 10 minutes ago. so it's very current. they won't say that he is 100% in. but they say he's as close to

100% as you're going to get. at least that is what he's telling them. it would have to be something monumental. he would have to wake up and say something like a bolt of lightning struck him for not running. that's essentially what he's telling his wall street advisers. it is guys like jim janos. robert wolfram has a lot more in there all over the street. wall street has a huge contingent of moderate democrats. bob rubin type democrats that are out there. they used to be very close to clinton. they been alienated by the current state of the party because it felt antibusiness and they are just begging joe biden to run it. what he is telling them is that he's all but him. why hasn't he announced? what they're saying this will probably announce something in april if he goes. the reason he hasn't announced his because he wants these current crop of candidates, it's a lot of them. he wants a little reservoir dog

action. remember that? tarantino. everybody shoots each other in a kind of wants that. kamala harris, snoop dogg. stuff comes out that corey booker and elizabeth warren. his calculus as we just heard the negative of a centrist liberal. because he's a centrist liberal. works well with republicans. he said not something nice. but the interesting thing is he thinks they can essentially take -- split up those out to find a buyer, you know, by five and then he comes in with a solid 20%. david: the other thing you could do watching him shoot it out is figure out who is best vp is going to be. he'll be the oldest president never if he's elected. 76 at the time. >> you 76 now.

i mean, he is going to need a young vibrant vice president not just for show, but who knows what's going to happen. someone like kamala harris, for example, may do well in the primaries. charlie: in particular she can moderate -- she's not quite a lefty. she is parroting now. if she can moderate it might be better. i will say this. i am only hedging because it's never 100% in till you say. he could wake up. his wife could pay really don't want to. the reason he did last time is because his son died of cancer and not tragedy. what i'm hearing is that he's saying. that is the word they are getting. he doesn't want to announce now because he wants some time. one other thing, he thinks his position to beat trump. a lot of these people think they can use the economy construct. everyone says how strong it is. the fed act of raising rates.

one thing he did not say there's a reason why the fed backed off raising rates. it's slowing down. david: at the new york fed chair just said that. >> but you know what i'm saying. there are signs here that it might work. david: we've got a jump, but it died and does not run for whatever reason, does the democrat party has anybody with a pro-business stance, someone in favor of making it easier and cheaper for businesses to do business in america? because they're all about government programs but they're not about business. charlie: biden was the vice president during a bomb administration. he's just not as crazy. and he has worked with republicans. i don't know anybody like that. some people say sherrod brown. it really sounds like it is left and left her. and i can tell you, i've been

out speaking with people who are democrat, wall street types. they can't believe that ocasio-cortez, 728-year-old kid -- 29, who actually probably has not read the communist manifesto yet, that she is the sort of guiding light of this party. it's kind of scary. david: even even though you say she's more moderate than she is perceived. she signed onto the green new deal. >> and by the way, most people know the green new deal is absurd. trump had the best line. i want to watch tv. it's almost like that. david: that's a good line. charlie: and by the way, that shows you how tough he is going to be. david: c. it would be fun to have a drink with this guy come in charlie gasparino. thank you very much. appreciate it. we'll be back. the recession lows as they wait details on the trade deal. when my next guest pushing up

the tariff deadline says that was a bad idea. and don't miss bulls and bears at 5:00 p.m. eastern as we debate all of today's headlines and how the markets are responding. we will see you there. i knew about the tremors. but when i started seeing things, i didn't know what was happening... so i kept it in. he started believing things that weren't true.

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and free shipping. upload your logo or start your design today at customink.com. david: ge shares near recession love. down over 6% yesterday. now it down about 7.5, closed it eight moments ago. u.s. trade deficit kind of jumping to a new record with the question of lifting tariffs will fix the trade practices. media president joins us now. he says trump needs to hold firm. great thank you for being here. you and i agree on so much it's hard to find if we don't agree on but this is one of them.

you don't like trade deficit. anything terraces a good way to do with them. we've had tariffs and bigger trade deficits with china. so what up? >> i'm asking if they hadn't impose those. david: that's the point. >> wait a minute. it is helping because it would be much worse. hear me out on this. we have a crisis at the border but we have an even bigger national emergency when it comes to trade. in 2018 we had nearly a $900 billion trade deficit. that is costing us nearly 4 million well-paying manufacturing jobs. one of their affixing snow but even talks about is this set of trade deals we have constitutes the most racist policy we've had is jim crow. it's obliterated african american jobs, decimated inner cities. african-americans are born --

david: let's stay on our point -- david: the question of whether or not tariffs are the right way. i agree china is doing all sorts of awful things in their trade practices for decades getting away with it. no administration held their feet to the fire the way this one is and i'm in favor and maybe tariffs are way to do it. but they are not aware to help us do what the trade deficit because it's going in the opposite direction. >> david, that is simply not true. >> hold on a second. you can't say it's not true if we just reported the trade deficit with china is growing at levels it's never been to doing the same time we been lifting the tariffs that. it is true. >> again, would've been far worse. >> the point is what has happened. deficits are getting bigger.

he might take a terry stop gets even worse. after world war ii we had 26% average tear off. 10 times what it was before president trump took office. we've got to have those tariffs. through most of american history we've had 30%, 40% import tariffs and during that time we built the mightiest economy and a high standard of living in human history. so tariffs -- david: one thing i know we agree on. we've been talking about this for years what a great job ronald reagan did in turning the economy down for the stagnation of the 70s to the boom in the 1980s. it was a terrific. we agree on that, don't i.? >> it was. david: 1984. you're absolutely right. but he didn't do anywhere near what were doing now. the question is a 1984. hold on a second, in 1984 we

have the largest trade deficit of all time up until that point. huge headlines in "the new york times" about how ronald reagan's economy is falling apart because of the trade deficit. the same year we had the biggest trade deficit of all time, 1984, we grew, the gdp grew at 723%. won't you admit that there is not that connection between trade deficits and growth when you see stuff like that. >> no i will not. look at china. this is a reduction in growth of growing nearly 7%. we have half a trillion dollars could trade deficit with china. that deficit has been obsolete essential in the massive growth they been achieving. so it does correlate. you are talking about a very narrow window there. president reagan was preoccupied with defeating communism. so a lot of countries like

japan, mexico to continue trade deficits because he wanted a strong alliance against the soviet union. david: he had reasons for doing -- >> huge trade deficit and tremendous growth. 5 million jobs. [inaudible] while her deficit is growing. we've run out of time. the main thing is we can both share about what the economy has been doing over the past year that. >> we can, but our trade deficit is cutting 3% off of our gdp. david: lee speaker man, great to see you. >> -- protect american jobs. david: backlash against alexandria ocasio-cortez for her own party. by moderate democrats are pushing back against what they perceive as a threat.

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>> just last week i went to latin america to deliver a message to our partners in the region into the people of venezuela. nicholas madero is a dictator with no legitimate claim to power and nicholas madero must go. david: vice president pants pressing the situation that he has to step down speaking to latino coalition earlier today. alexandria ocasio-cortez facing backlash for now saying interest democrat who are getting fewer and fewer numbers to vote with the gop will end up on a list. the washington free became senior writer with harrington. great to see you. you know, we often talk about ocasio-cortez. she's fallen so close to the sun that eventually her rings are going to mount and she's going to fall down. the problem with a 29-year-old who is constantly being that everything she says is the

right, is that anybody who disagrees with her ends up on a list. now they have a list where there should be a lay she says. >> right. ocasio-cortez is a left associate doesn't care for dissent and she wants everyone to toe the party line. the problem issues moving that party line never more to the left and that's not where the country is and certainly not with the swing districts are in order to take back the house. in the 2020 democratic primary of moving to the left is really going to be a gift for president trump in the general election. the more ocasio-cortez leads this party and elon omar and his more radical wing, socialist wing of the democratic party, and the more it's a gift to try and take out the house. democrats won't have the majority much longer. >> i'm wondering if the democrat

leadership has buyers remorse because they gave her so much in the beginning. they saw that she was an attractive person who got a lot of blood elbows on her side, was able to bring new people to the party, et cetera and they put iran to very powerful committees do you think they are having buyers remorse right now? >> i think they might because it is a lot of division, a lot of problems. it's not just ocasio-cortez. look at the division. they can even condemn anti-semitism. they're having all kinds of problems with the resolutions are working on. it is a problem because they won the house back on these moderate candidate swing districts. you're not going to win obama voters who voted for president trump on issues like the economy. you are not to win those voters back i fear mongering, climate change hysteria like ocasio-cortez is doing and what the greener deal saying you can't have a car. you probably shouldn't have kids

and will cost $94 trillion while were at it. david: and yet if you're against us, you're on a list and you can be against us because were the boss. in fact, one of these billboards that sprung up in manhattan over the amazon thing, they ripped on that. they said hey aoc, you're the boss? i'm just wondering if aoc is self-destructing before our eyes? >> she's delicate so much social media. david: we talk about her a lot i have to admit. >> she's gotten kamala harris on board with the greener deal. she's gotten corey booker. they are leftist candidates with the leftist policies. nancy pelosi is a problem when she's appearing on "rolling stone" with aoc and these radical members of her own

party. she's endorsed them, too. david: kind of hard to step back from a "rolling stone" cover. great to see you. thank you very much. tim cook among a number of ceos at the white house. what trouble discuss with him. we have details coming out.

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david: a lot of a lot of ceos meeting at the white house today including apple ceo tim cook for an american were first event. lieberman has not been a lot more from the white house. we met the first gathering of the american workforce policy advisory board. a group led by some two dozen or so leaders from all across the country including some big-name ceos, none more so than tim cook, the apple ceo part of this group at the white house sitting down with president trump later today. that also includes ceos of lockheed martin, home depot and

ibm as you can see there. also to discuss workforce issues like advancing data transparent the and candidate recruitment. president trump has turned his attention at least on twitter a little while ago. a different issue being that senate republicans come a growing number them set to vote for the resolution of disapproval to disapprove of his national emergency declaration. this was a tweet from the president a little while ago. senate republicans not voting on constitutionality or precedent. they are voting on test related border security. our countryis being a bit of it drugs and criminals of all shapes and sizes. they united he urges. speaking to the latino coalition legislative summit device president mike pence but senate republicans on notice. >> a vote against the emergency declaration is a vote against border security.

the vote against the president's emergency declaration is a vote to deny the real humanitarian and security crisis at our southern border. and so we call on every member of the united states senate. set politics aside, stand up for border security. stand with this president put the safety and security of the american people first. reporter: by the way, also learning next week the administration will unveil president trump's next budget. that most likely will happen on monday. david: blake irving, isn't it something like 10 degrees outside. shouldn't you have a scarf on? your mother would give you for that. >> at my mom is watching that -- david: great to see you. thank you. another warning sign for the u.s. economy. u.s. credit card debt, we all know what that does. hitting a new record we've got some kind of frightening details coming next.

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david: u.s. credit card debt ending 28 team at a record $870 billion. barrett's associate publisher jack otter. we were just talking at the

break. in a way, you have to be a little nuts. europe is very desperate to go for credit card debt because it is now 17%. >> 17% and change. these numbers are always squishy, and that around 33%. a third of people who go into debt do it because of an emergency. a medical emergency. the tree has your roof. the borrowing of last resort has to happen. other of course slide into credit card debt by buying more than they can afford and that's really a major mistake because then when that tree slams into your roof here in much worse shape than you would then. david: there's a seasonality because people's will haven't paid off their christmas bills for their holiday bills. again, to hold over credit card beyond the due date to the point you are paying 17%, you shouldn't be buying nothing to begin with.

>> and i realize people say of god abide these things. but they need to look at the hard numbers and make a decision if you still need that thing. to use the 17 and change and the average credit card debt right now is $5700. if you pay off the minimum each month, you do that for nearly 20 years and you would pay in interest far more than you actually borrowed here like $7000.3000. david: you would think older americans would get it en masse. but it's exactly the opposite. 30% of the credit card debt is held by folks over 60. dirty%. that gets your point that it might've been a medical emergency that created the problem. >> but it's a tough situation because that age group could be soon, could be later, your income stream is going to be fixed. you no longer have the paycheck coming in from your job. you better make that last the list of your life.

17.3% on a fixed income is a really bad situation to be in. david: the flipside of that is the good news, which is folks under 30 years of age, only 7% of the credit card debt is held by folks under 30. apparently they got the message. maybe they have a lot of student loan debt or whatever. only 7%. >> student loan debt is very serious and pass credit card debt now around a trillion. >> about one.what load i don't need another. david: they get all their information free online. it is a rental mindset rather than a buyer mindset. whether it is spotted by or netflix or whatever, you're not purchasing. you're just renting. maybe that will work out well as long as you don't get contracts were you read too many things. david: we shouldn't minimize the entire debt load either.

the entire debt load is huge. david: there's a fairly good statistic which is a percentage of gdp is going down. $870 billion today wasn't what it was in 2008 whereas the federal debt has started by rocketing so that as a percent of gdp is higher for the first time ever. and corporate debt is very high. low interest rates right now borrowed so much. but there is a lot of debt piling up and that is worrisome over the long term. what's going to happen afraid spike? >> the perverse incentives of low interest rates. great to see you. thank you very much. new science apple is trying to branch away from the iphone. it is that possible? details coming out.

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david: china/and am i not the prices as apple expands it leader in wearable space. still dribbled not the new york stock exchange at details. >> for the second time this year, and a lot of online retailers are slashing iphone prices. so at the beginning of this year, a lot of them today, but they avoided including the iphone 10. right now those aren't included as well. we are going to show you those numbers here to cut the price of the iphone 10 by as much as 1001. that's close to $150 from its original price. other retailers doing the same in apple this is such a sign of the times is even partnering with them some financial come in the finance arm of the all about the group lets consumers purchase purchase iphone see it interest-free loans. i think that shows due to what extent apple is trying to just keep those sales alive. the slowing sales is not too

surprising. ceo tim cook is really focused on services. for example, tim cook begin a lot about the streaming service which is going to come. apple wants you to use apple pay. apple wants you to where apple watches. as far as the smartphone market goes, apple was the number one player last year thanks in large part. in fact, half of the smart watch market last year. if you want to know apple's biggest competitor in this area is fit bit. they are key competitors in platforms and many say this is the next key consumer battleground. david, back to you. david: i've been old-fashioned automatic one. retail earnings. abercrombie and fitch surging sales top estimates even though they are cutting back on retail sales. if the consumer -- by the way,

mastercard is come out with some very interesting stats on retail and the overall economy. >> absolutely. it is telling us the consumer is how you met their shopping. the latest data came out yesterday for february and these are retail sales are up 3.8%. it was following a 4% growth in january. 4% during the holiday season. overall healthy consumer online sales continuing to grow. 14% last month. 15% to 18% over the holidays. a very help the consumer. david: in your head at your head is and your head is and be cognizant of why people were shopping in why sometimes people wouldn't feel like shopping. a lot of it has to do with their feeling of security about their jobs. the jobs numbers are so good right now. that is helping. beside that of of a dip during

right around the holidays with the tariff wars. a bump in consumer confidence over the last month or so and consumers still very healthy. >> now when you saw job signals very good as they are now, did you invest more? did that cause you to import workers or whatever? >> the luxury sector is different. it's much more tied to the stock market is doing. you have a correlation, 90% talk market in the luxury performance. when the stock market took a hit during the fourth quarter, you size it on the luxury sales. so the luxury piece of the market is a bit different. unemployment affects that cited the business and venues operate earning coming out a lot of the department stores. david: december was a terrible month for the stock market. it got hit very hard. a lot of the retailers didn't do so bad.

even though the indications were saying this is the way the economies can go from here on, they were wrong. the market turned around and so did a lot of the figures. >> a lot of which are seen in retail in the wal-mart, target, amazon are starting to really understand what the consumer it is all about omni channel. pick up in store. in store analytics. the consumer is king. retailers are making invests. amazon sets the gold standard. they have the expectation -- david: let's not jump over the fact, amazon, the irony of amazon which a lot of retailers say was responsible for their demise, getting into old-fashioned brick-and-mortar. not only coming out with their own stores but opening a new chain, possibly a new chain of grocery stores beyond whole foods? >> it's a convergence. online players becoming more

brick-and-mortar. not just amazons. warby parker. they're finding when they open up stores it helps online business. brick-and-mortar have plays in online space. walmart internet business growing 30%. target internet business growing 30%. everyone is moving to the center, that is where the consumer is. david: nice to know there are limits to the internet. like for example, you can't smell perfume on your computer, at least not yet. you have to go to a store to try these items out. >> 85 to 90% of the purchases are done at physical store. internet is growing. it is critical. mobile is critical. david: you're right a lot of retailers, walmart, people would focus on as one, made the jump between the two spheres, between the brick-and-mortar and internet sales but a lot haven't. sears was the classic example.

why is it that some companies learn to do it and some don't? >> part of it is culture. part is investment, having capacity. you have to make some of these invests year ago. these were technology, you had to make foundation invests. david: sears was late to the boat? >> i don't think sears made some invests. other brick-and-mortar players didn't make invests. david: talk about some. jcpenney, gap, what do you think about those stores? >> some are technology investment stories. some are positioning stories, in terms of positioning brands well. whether they understand their consumer. there is winners and losers. that is true in almost any category. david: you talk about the market. i'm curious, where would you invest in retail right now? >> i think the players we talked about. i love walmarts, tar pets, kohl's of the world who are doing really well. nordstrom duster risk job in delivery. macy's is making changes in a tough department store environment. they're trying to turn a

battleship in the bathtub. it is tough to do. david: do you think macy's will make it? >> i think macy's will make it. i think there will be a lot of fallout in the department store sector but i think macy's is doing a lot of the right things. david: and sears, any hope at all there? you can't see any way out? >> very difficult for sears. i'm not saying they can't do it but it's a difficult one. david: steve, thank you for being here. terrific stuff. >> thank you. david: just a note i will be back at 5:00 p.m. eastern with "bulls & bears." we hope you can tune in. it will be a great show tonight. a lot of news to report on. i turn to my friend charles payne who by the way has been touting retail stocks a long time. he was right on the button. thank you very much, david. charles: i appreciate that. that is because i believe in the american consumer still very strong. good afternoon, everyone, i'm charles payne. this is "making money." coming up we're seconds away from the fed's "beige book." it is anecdotes on the state of the economy around the country

as the market is meandering again. could be market variety consolidation. we had amazing gains this year f it lingers too long i think investors could -- first jennifer schoenberger. >> the economy continued to expand in the month of february, albeit at slower pace across 10 of the federal reserve 12 bank districts the growth was flat in two of those district, philadelphia and st. louis. charles, the government shutdown appeared to slow growth in several sectors including retail, manufacturing and autos. retail sales were hurt during the month as well. due to harsh winter weather and tighter credit conditions. on manufacturing, manufacturing actually strengthened across the country during the month but manufacturers are concerned about slowing global growth, trade ard tariffs. concerned about the demand from europe and